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FSA fight-back against Tory plans

Lord Turner, the chairman of the Financial Services Authority (FSA), has today broken ranks regarding the Conservative plans to abolish the FSA and pass all regulatory powers back to the Bank of England. In a relatively undisguised dig at the Conservative party, Lord Turner is suggesting that there are more important tasks to complete at this moment in time than worry about the potential unbundling of the FSA if the Conservative party gains power next year.

Interestingly the FSA has also commented upon the relationship between itself and the Bank of England which has for some time been a bone of contention. It would appear that the FSA is looking to work closer with the Bank of England in the short to medium term as the fight to refloat and replenish the UK financial sector, and the UK economy, goes on. Whether this is an attempt to call the Conservative party's bluff regarding future plans or a softening of the hard stand taken by the FSA and the government over the last few weeks remains to be seen.

After being cast into the political wilderness it seems as though the Bank of England is now a hot topic and has more friends than ever before.

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